Bitcoin mining in Australia with solar power

Bitcoin mining in Australia with solar power

According to a media story, a crypto mining data center in the Australian state of South Australia will run primarily on solar-generated electricity, proving that bitcoin mining can be green.

Green Bitcoin mining farm in South of Australia powered by solar energy

Located in the “Steel City” of Whyalla, South Australia, the new crypto mining facility will use solar energy to power its operations. Built by the Lumos Digital Mining company, the facility is supposed to consume 5 megawatts of electricity from solar energy.  

In a report, the Australian national broadcaster ABC emphasizes that the mining of the top cryptocurrency by market capitalization consumes more energy than medium-sized countries like Argentina at a time when the entire globe is attempting to minimize energy usage. It is reiterating criticism that is frequently featured in international media.

The solar-powered cryptocurrency mining initiative is viewed by local officials as evidence that bitcoin mining can be more eco-friendly. State Minister for Trade and Investment for South Australia, Nick Champion, provided some details about the project:

This is important for decarbonizing blockchain, which is a very energy-intensive industry. I think it’s the beginning of a new economy out here at Whyalla.

The representative from the government also anticipates other data centers mining cryptocurrencies in the future using sustainable energy. He believes that in the future more facilities like this will be established which will meet the high demand for environmentally friendly blockchains.

The new crypto farm may be able to produce roughly 100 Bitcoins yearly, according to a representative of Lumos Digital Mining, depending on the available electricity. When power generation outpaces demand, according to Angelo Kondylas, the company might either sell some of its solar energy to other consumers or boost its cryptocurrency output.

Also read about: United Kingdom wants to become the crypto hub

Power generators may sustain significant losses if they are turned off during periods of low use, according to Kondylas. He said that they will use those unused energies for mining and reduce the loss. The company also has the ambition to expand the size of the current facility in the future.

Lately, with increasing investors interest in solar-powered crypto minting initiatives, bitcoin mining on clean and surplus energy has gained popularity globally.

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